Bitcoin's Real Test!
Bitcoin started the new week perfectly and printed a +3k candle. Additionally, as mentioned yesterday, many technical indicators have turned bullish. Moreover, Bitcoin also made a higher high (although the difference to the previous one is marginal).
That all looks good â but here's the real test Bitcoin has to pass.
If you look at the chart below, you can see that the upper trendline of the descending channel once again stopped the uptrend. The chances of a reversal are very high if the price does not break out and is confirmed on a higher timeframe.
Therefore, Bitcoin must accomplish two things asap:
Break out of the design channelClimb to 70k to grab the enormous liquidity at this level
If this happens, the price should move significantly to the upside. On the other hand, if the price continuously rejects the upper trendline, we might revert to the low 60s again.
One additional aspect: Unfortunately, the open interests have massively grown during the last 24 hours. This means that people, again, open tons of leverage longs. This aspect always adds risk in case of a rejection.
